AuraBlocks introduces Blockchain to credit system

Blockchain AuraBlocks, a consulting company, confirmed that it used the Oracle Blockchain Cloud Service for an advanced credit system
04 December 2017   436

The lending system has always had a shortcoming because of financial accountability, which is why creditors faced high transaction costs that were spent on maintaining the system.

With the introduction of the blockchain system, which introduced even more transparency due to decentralization and increased protection against malicious software, it has also been used in the credit sector.

According to Kieran Murthy, technical director of Aurablocks, the Oracle Blockchain Cloud Service was created on the basis of The REST API and Hyperledger Fabric 1.0, which provides ease of integration. Previously, processing of all the data took about two weeks, now it takes only a couple of hours.

Oracle Blockchain Cloud Service on the way to creating an ideal operating scheme that will protect creditors from fraud. This solution will attract more deals and improve the quality of consolidation accounts.

According to calculations by Venkatesh Bala, the main specialist in Biz2Credit issues, AuraBlocks technology will be able to cut costs for data processing by 25%, which is $ 1 billion.

Testing the idea from Aurablocks demonstrated how blockchain technology can contribute to business optimization. Thus, lower operating costs will result in low rates offered to lenders.

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   143

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.